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MPLX LP（MPLX）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是MPLX LP的1.5倍（$3.8B vs $2.5B），MPLX LP净利率更高（49.1% vs 12.4%，领先36.6%），ServiceNow同比增速更快（2.8% vs 1.4%），ServiceNow自由现金流更多（$1.7B vs $782.0M），过去两年ServiceNow的营收复合增速更高（19.8% vs 6.2%）
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
MPLX vs NOW — 直观对比
营收规模更大
NOW
是对方的1.5倍
$2.5B
营收增速更快
NOW
高出1.4%
1.4%
净利率更高
MPLX
高出36.6%
12.4%
自由现金流更多
NOW
多$883.0M
$782.0M
两年增速更快
NOW
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $3.8B |
| 净利润 | $1.2B | $469.0M |
| 毛利率 | — | 75.1% |
| 营业利润率 | 60.5% | 13.3% |
| 净利率 | 49.1% | 12.4% |
| 营收同比 | 1.4% | 2.8% |
| 净利润同比 | 8.5% | -53.7% |
| 每股收益（稀释后） | — | $1.04 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收MPLXNOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $2.5B | $3.6B | ||
| Q3 25 | $2.5B | $3.4B | ||
| Q2 25 | $2.4B | $3.2B | ||
| Q1 25 | $2.5B | $3.1B | ||
| Q4 24 | $2.4B | $3.0B | ||
| Q3 24 | $2.3B | $2.8B | ||
| Q2 24 | $2.3B | $2.6B |
净利润MPLXNOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | $1.2B | $401.0M | ||
| Q3 25 | $1.6B | $502.0M | ||
| Q2 25 | $1.1B | $385.0M | ||
| Q1 25 | $1.1B | $460.0M | ||
| Q4 24 | $1.1B | $384.0M | ||
| Q3 24 | $1.0B | $432.0M | ||
| Q2 24 | $1.2B | $262.0M |
毛利率MPLXNOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 77.3% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | — | 78.9% | ||
| Q4 24 | — | 78.7% | ||
| Q3 24 | — | 79.1% | ||
| Q2 24 | — | 79.0% |
营业利润率MPLXNOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | 60.5% | 12.4% | ||
| Q3 25 | 73.2% | 16.8% | ||
| Q2 25 | 54.9% | 11.1% | ||
| Q1 25 | 55.5% | 14.6% | ||
| Q4 24 | 55.6% | 12.6% | ||
| Q3 24 | 54.4% | 14.9% | ||
| Q2 24 | 62.9% | 9.1% |
净利率MPLXNOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | 49.1% | 11.2% | ||
| Q3 25 | 63.2% | 14.7% | ||
| Q2 25 | 44.9% | 12.0% | ||
| Q1 25 | 46.2% | 14.9% | ||
| Q4 24 | 45.9% | 13.0% | ||
| Q3 24 | 44.6% | 15.4% | ||
| Q2 24 | 52.6% | 10.0% |
每股收益（稀释后）MPLXNOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | — | $-4.77 | ||
| Q3 25 | — | $2.40 | ||
| Q2 25 | — | $1.84 | ||
| Q1 25 | — | $2.20 | ||
| Q4 24 | — | $1.84 | ||
| Q3 24 | — | $2.07 | ||
| Q2 24 | — | $1.26 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.1B | $2.7B |
| 总债务越低越好 | $24.2B | — |
| 股东权益账面价值 | — | $11.7B |
| 总资产 | $43.0B | $24.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MPLXNOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | $2.1B | $3.7B | ||
| Q3 25 | $1.8B | $2.7B | ||
| Q2 25 | $1.4B | $3.1B | ||
| Q1 25 | $2.5B | $3.4B | ||
| Q4 24 | $1.5B | $2.3B | ||
| Q3 24 | $2.4B | $1.9B | ||
| Q2 24 | $2.5B | $2.2B |
总债务MPLXNOW
| Q1 26 | — | — | ||
| Q4 25 | $24.2B | — | ||
| Q3 25 | $24.1B | — | ||
| Q2 25 | $19.7B | — | ||
| Q1 25 | $19.7B | — | ||
| Q4 24 | $19.3B | — | ||
| Q3 24 | $19.3B | — | ||
| Q2 24 | $19.2B | — |
股东权益MPLXNOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | — | $13.0B | ||
| Q3 25 | — | $11.3B | ||
| Q2 25 | — | $10.9B | ||
| Q1 25 | — | $10.1B | ||
| Q4 24 | — | $9.6B | ||
| Q3 24 | — | $9.3B | ||
| Q2 24 | — | $8.7B |
总资产MPLXNOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | $43.0B | $26.0B | ||
| Q3 25 | $43.2B | $21.8B | ||
| Q2 25 | $37.8B | $22.1B | ||
| Q1 25 | $39.0B | $21.0B | ||
| Q4 24 | $37.5B | $20.4B | ||
| Q3 24 | $38.5B | $18.4B | ||
| Q2 24 | $38.4B | $18.2B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.5B | $1.7B |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $1.7B |
| 自由现金流率自由现金流/营收 | 31.9% | 44.2% |
| 资本支出强度资本支出/营收 | 29.1% | — |
| 现金转化率经营现金流/净利润 | 1.24× | 3.56× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $4.8B |
8季度趋势，按日历期对齐
经营现金流MPLXNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.4B | $813.0M | ||
| Q2 25 | $1.7B | $716.0M | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $1.7B | $1.6B | ||
| Q3 24 | $1.4B | $671.0M | ||
| Q2 24 | $1.6B | $620.0M |
自由现金流MPLXNOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $782.0M | $2.0B | ||
| Q3 25 | $905.0M | $578.0M | ||
| Q2 25 | $1.4B | $526.0M | ||
| Q1 25 | $979.0M | $1.5B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.1B | $469.0M | ||
| Q2 24 | $1.4B | $358.0M |
自由现金流率MPLXNOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | 31.9% | 56.1% | ||
| Q3 25 | 36.8% | 17.0% | ||
| Q2 25 | 60.9% | 16.4% | ||
| Q1 25 | 39.8% | 47.7% | ||
| Q4 24 | 56.6% | 46.7% | ||
| Q3 24 | 48.4% | 16.8% | ||
| Q2 24 | 60.0% | 13.6% |
资本支出强度MPLXNOW
| Q1 26 | — | — | ||
| Q4 25 | 29.1% | 6.7% | ||
| Q3 25 | 21.4% | 6.9% | ||
| Q2 25 | 12.8% | 5.9% | ||
| Q1 25 | 10.9% | 6.6% | ||
| Q4 24 | 12.7% | 8.6% | ||
| Q3 24 | 11.9% | 7.2% | ||
| Q2 24 | 9.4% | 10.0% |
现金转化率MPLXNOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | 1.24× | 5.58× | ||
| Q3 25 | 0.92× | 1.62× | ||
| Q2 25 | 1.64× | 1.86× | ||
| Q1 25 | 1.10× | 3.65× | ||
| Q4 24 | 1.51× | 4.26× | ||
| Q3 24 | 1.35× | 1.55× | ||
| Q2 24 | 1.32× | 2.37× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $99.0M | 3% |
